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Purpose
Process
Membership
How to Provide Input
The Accounting Standards Board (AcSB) established a User Advisory Council (UAC) in
October 2004 to increase financial statement user participation in the accounting standard-setting process.
The objective of accounting standards is to meet the needs of users of financial statements by providing the
information they require to make informed decisions. However, users of financial information are a disparate
and widely dispersed group, and they generally do not participate as actively in the standard-setting process
as do other stakeholders like preparers and auditors.
Purpose
The purpose of the UAC is to assist the AcSB in understanding how users, including
investors and investment professionals, credit granters in financial institutions, equity and credit
analysts, and rating agencies, use financial information. The UAC is also intended to assist the AcSB by
providing advice on standard-setting priorities, and on specific agenda projects.
Feedback from the user community will assist the AcSB in developing high-quality
accounting standards that provide useful and reliable information at reasonable cost. The AcSB evaluates all
proposals in terms of their expected costs and benefits. The views of the UAC are expected to be
particularly helpful to the AcSB in evaluating the potential benefits of proposed new and revised
disclosures.
Process
In the early phases of a project, the AcSB expects the UAC would provide its views to
help identify issues, alternative approaches, and priorities. As a project moves through the
deliberative process, the UAC will be consulted on key issues, particularly as they affect users of financial
statements. After the AcSB has issued an exposure draft, the AcSB might consult the UAC regarding comments
received from users and others.
Membership
Membership of the UAC will generally comprise 20-25 professionals representing a
variety of investment and analytical disciplines. The AcSB has assigned one of its members, Robert Morgan,
CGA, CFA, to chair the UAC. Current membership of the UAC can be viewed here.
Barring unusual circumstances, the UAC meets twice a year. Meetings are not open to the
public.
How to Provide Input
The AcSB is keen to hear from and discuss with constituents any concerns with or
observations on current accounting standards, items on its technical agenda and potential agenda items. The
AcSB would also like to identify significant accounting issues on which users are of the view that the AcSB
should provide additional or revised guidance. If possible, the AcSB would like to enhance the information
currently available to users.
To obtain more information about the UAC, or to be considered for membership,
contact:
Harry Klompas, CA
Principal,
Accounting Standards Board
277 Wellington Street West
Toronto ON M5V 3H2
Canada
by phone at +1 (416) 204-3236 or
by fax at +1 (416) 204-3412.
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